The increase in project backlog for Construction Partners, Inc. suggests that the company is securing more contracts and has a robust pipeline of future work. This is typically viewed as a positive indicator for future revenues and profitability, which can lead to a positive short-term impact on the stock price. The year-over-year growth from $1.41 billion to $1.60 billion is significant, and the slight increase from the previous quarter suggests continued momentum. Investors may view this as a sign of strong management and operational efficiency.